Hut 8 Closes $4.25 Billion Bond Offering
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 10 2026
0mins
Hut 8 closes the largest single-project data center bond on record, Keel Infrastructure prices a major debt offering, bitcoin's selloff leaves more than half of all circulating supply at a loss, and Fold Holdings eliminates all secured debt. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.HUT 8 PRICES $4.25B BOND:Hut 8subsidiary Beacon Point DCit closed a private offering of $4.25B principal of 6.129% Senior Secured Notes due 2042 at 100% of par, with JPMorgan acting as representative of initial purchasers. Proceeds finance a 352 MW data center spanning six halls on an approximately 521-acre property in Nueces County, Texas, leased to a single AA-or-higher investment-grade tenant through note maturity in November 2042. Hut 8 described the Beacon Point raise as "the largest single-sponsor data center bond," surpassing its own prior $3.25B River Bend raise. The tenant identity has not been disclosed in the bond offering documents.MINER DEBT MARKETS SURGE:Keel Infrastructureconfirmed closing $458M aggregate principal of 1.250% Convertible Senior Notes due 2032, including the full $58M greenshoe, with net proceeds of approximately $445.4M before expenses and capped-call costs, at an initial conversion price of approximately $7.41 per share, representing a 25% premium to the June 4 closing price of $5.93,. The capped-call cap price is $11.86 per share, a 100% premium, with proceeds designated for data center development deposits across Keel's Panther Creek, Sharon, and Moses Lake sites.BITCOIN SELLOFF DEEPENS:According to, bitcoin'sdecline from its October 2025 all-time high of approximately $126,198 has pushed more than half of all circulating supply into loss-making territory.reported that bitcoin, ether, solana, and XRPare all trading lower.crypto newsletter characterized bitcoin's partial recovery as "a technical bounce rather than a durable bottom," warning crypto-linked equities remain at risk.argued the $75B SpaceXIPO is pulling retail and institutional capital away from bitcoin and crypto-adjacent equities, keeping prices suppressed.FOLD CLEARS ALL SECURED DEBT:Fold Holdingsit monetized approximately $45M of bitcoin at an average price of approximately $71,000 per bitcoin, repaid $20M of bitcoin-collateralized debt, eliminated all secured debt, and allocated the remaining approximately $25M in unrestricted cash toward growth initiatives while maintaining a bitcoin treasury position.COINCHECK CLOSES KDDI DEAL:Coincheck, with KDDI subscribing for 28,536,516 newly issued shares at $2.28 per share for aggregate proceeds of $65,063,256.48, giving the Japanese telecom a 14.9% ownership stake and one board nomination right. A business alliance covering mutual customer referrals and revenue sharing in Japan was signed alongside the equity close.BITGO DEBUTS ON FORTUNE 500:BitGodebuted on the 2026 Fortune 500 at number 273 with approximately $16.1B-$16.2B in 2025 revenue in its first year as a public company following its January NYSE listing,. BitGo described itself in the release as "the first public federally chartered digital asset infrastructure company."GOVERNANCE AND MINING NOTES:Cangoreported total operational hashrate of 31.67 EH/s as of May 31, with 237.59 bitcoin produced in May and total bitcoin treasury holdings of 1,065.11 bitcoin across operations in North America, the Middle East, South America, and East Africa,.PRICE ACTION:As of time of writing, bitcoin was trading at $61,902.66, while ether was trading at $1,638.23,.
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Analyst Views on HUT
Wall Street analysts forecast HUT stock price to fall
13 Analyst Rating
13 Buy
0 Hold
0 Sell
Strong Buy
Current: 103.780
Low
17.50
Averages
24.54
High
33.00
Current: 103.780
Low
17.50
Averages
24.54
High
33.00
About HUT
Hut 8 Corp. is an energy infrastructure platform. The Company's segments include Power, Digital Infrastructure, Compute, and Other. The Company's Power segment acquires, develops, and manages critical energy assets such as interconnects, powered land, and other electrical infrastructure to address the load demands of energy-intensive applications such as Bitcoin mining and high-performance computing. Its Power segment consists of power generation and managed services. Its Digital Infrastructure segment consists of CPU Colocation and ASIC Colocation services. The Company's Compute segment consists of Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations. The Company, through its subsidiary, American Bitcoin Corp., is focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin reserve development. The Company's platform spans approximately 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Hut 8 Financial Performance: In FY 2025, Hut 8 reported revenue of nearly $235 million, a 45% increase, despite a net loss of approximately $226 million, highlighting the challenges and opportunities in its transition to AI data centers.
- Riot Platforms Growth Potential: Riot Platforms achieved revenue of about $647 million in FY 2025, reflecting a 72% growth, but reported a net loss of roughly $663 million, indicating the high-risk, high-reward nature of its investments in data center infrastructure.
- Market Risk Comparison: Hut 8 faces significant risks from Bitcoin price volatility and relies heavily on stable electricity supply, while Riot is currently defending against an intellectual property lawsuit, showcasing different risk profiles in their market environments.
- Valuation Discrepancy: Hut 8's forward P/E ratio stands at 84.8x compared to Riot's 20.9x, indicating a relatively higher valuation for Hut 8, prompting investors to carefully assess the sustainability of future earnings.
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- Undervalued Miner Potential: Matthew Sigel from VanEck highlighted that the energy-generating capacity of Cipher Mining and Hut 8 is significantly undervalued by the market, despite their substantial potential in AI infrastructure, reflecting a pessimistic sentiment among investors regarding their future growth.
- AI Data Center Transaction Benchmark: Digital Realty Trust's acquisition of three fully leased AI data centers for $3.5 billion, translating to $27 million per megawatt, sets a new benchmark for stabilized AI infrastructure, indicating a high valuation for related assets in the market.
- Comparison with AI Infrastructure: Sigel's calculations reveal that miners capable of execution create $15 million to $24 million per megawatt in value, while Bitcoin miners generate only $1.5 million per megawatt in net operating income, illustrating the untapped potential in the AI sector.
- Pessimistic Market Sentiment: Despite Cipher Mining and Hut 8's development pipelines being valued at zero, each signed lease and stable GPU pricing is narrowing the gap with market valuations, suggesting that demand for AI infrastructure remains viable.
See More
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- Bitcoin Price Plunge: Bitcoin fell to $59,900 on June 26, down over 30% year-to-date and below the critical support level of $60,000, indicating a persistent decline in investor confidence that could lead to further market sell-offs.
- Ethereum Struggles: Ethereum's price has dropped nearly 50% to $1,580, failing to break through the $2,000 resistance level, reflecting overall market pessimism towards cryptocurrencies, which may impact its future investment appeal.
- ETF Outflows Intensify: As of June 25, year-to-date net outflows from BTC ETFs reached $4.6 billion, marking the largest single-day outflow this month, suggesting a continued lack of investor confidence in the crypto market that could lead to liquidity issues.
- Ethereum Foundation Layoffs: The Ethereum Foundation announced a 20% workforce reduction, affecting 54 full-time employees, aimed at enhancing execution through reorganization, reflecting a reassessment of resource allocation amid market downturns.
See More
Comparative Analysis of Hut 8 and Riot Platforms in Digital Infrastructure
- Hut 8 Financial Performance: In FY 2025, Hut 8 reported revenue of nearly $235 million, a 45% increase, despite a net loss of approximately $226 million, highlighting the challenges and opportunities in its transition to AI data centers.
- Riot Platforms Growth Potential: Riot Platforms achieved revenue of about $647 million in FY 2025, reflecting a 72% growth, but reported a net loss of roughly $663 million, indicating the high-risk, high-reward nature of its investments in data center infrastructure.
- Market Risk Comparison: Hut 8 faces significant risks from Bitcoin price volatility and relies heavily on stable electricity supply, while Riot is currently defending against an intellectual property lawsuit, showcasing different risk profiles in their market environments.
- Valuation Discrepancy: Hut 8's forward P/E ratio stands at 84.8x compared to Riot's 20.9x, indicating a relatively higher valuation for Hut 8, prompting investors to carefully assess the sustainability of future earnings.
See More
U.S. Bank Earnings Season Set to Begin
- Earnings Season Begins: Major U.S. banks are set to report Q2 earnings starting July 14, with market participants eager to gauge the strength of economic recovery, which could significantly influence investor confidence and market direction.
- Fed Minutes Release: The minutes from the Federal Reserve's June meeting will be released on Wednesday, with expectations that interest rates will remain steady at 3.5% to 3.75%, as investors look for guidance from new Chair Kevin Warsh on future policy, potentially impacting market expectations.
- Disappointing Jobs Data: U.S. payrolls increased by 57,000 in June, falling short of Wall Street expectations, which has lowered the odds of a July rate hike to 21.9%, highlighting the fragility of the economic recovery.
- Geopolitical Tensions: The funeral of Iran's former leader has tightened shipping flows through the Strait of Hormuz, potentially affecting global oil supply, as Brent crude prices fell by about 0.42% to $71.82 per barrel amid these developments.
See More
American Bitcoin to Implement 1-for-15 Reverse Stock Split
- Reverse Split Announcement: American Bitcoin Corp. has announced a 1-for-15 reverse stock split effective after market close on Thursday, aimed at raising its share price to meet Nasdaq's minimum listing requirements, reducing outstanding shares from approximately 1.09 billion to 73 million, a decrease of about 93.3%.
- Compliance Objective: The primary goal of this reverse split is to elevate the per-share price to comply with Nasdaq's minimum closing bid price requirement; if a stock trades below $1 for 30 consecutive business days, it typically receives a deficiency notice and has about 180 days to regain compliance.
- Market Reaction: Following the reverse split announcement, ABTC stock was trading down over 5% at $0.65 during mid-morning trading, significantly below the $1 threshold, with retail sentiment shifting from 'bearish' to 'neutral', yet skepticism remains regarding the effectiveness of the split.
- Investor Concerns: Some investors expressed skepticism on social media about the reverse split, suggesting that the company is harming retail investors through repeated share consolidations, reflecting broader market unease regarding Bitcoin miners amid the ongoing cryptocurrency downturn.
See More
Strong Stock Performance in H1 2026 Highlights Key Trends
- Small-Cap Outperformance: The Russell 2000 index surged nearly 22% in the first half of 2026, making it the top performer among major indices, indicating a strong rebound in small-cap stocks that has captured investor interest.
- Tech Sector Leadership: The Nasdaq 100 rose almost 20%, while the Nasdaq Composite gained nearly 13%, reflecting sustained growth in the tech sector and investor confidence in innovative companies, which may drive future investment inflows.
- Analyst Stock Picks: Morgan Stanley's recommendation of Applied Materials saw its stock rise 180% in 2026, while Bank of America's pick of Lam Research increased by 153%, showcasing strong analyst confidence that could influence investor decisions.
- Fuel Price Challenges: The national average gasoline price in the U.S. stands at $3.8470 per gallon, with President Trump aiming to reduce it to $2.50, although facing numerous challenges, this goal could impact energy stocks' performance and market expectations.
See More
Bitcoin Miners Transitioning to AI Infrastructure at Discounted Valuations
- Undervalued Miner Potential: Matthew Sigel from VanEck highlighted that the energy-generating capacity of Cipher Mining and Hut 8 is significantly undervalued by the market, despite their substantial potential in AI infrastructure, reflecting a pessimistic sentiment among investors regarding their future growth.
- AI Data Center Transaction Benchmark: Digital Realty Trust's acquisition of three fully leased AI data centers for $3.5 billion, translating to $27 million per megawatt, sets a new benchmark for stabilized AI infrastructure, indicating a high valuation for related assets in the market.
- Comparison with AI Infrastructure: Sigel's calculations reveal that miners capable of execution create $15 million to $24 million per megawatt in value, while Bitcoin miners generate only $1.5 million per megawatt in net operating income, illustrating the untapped potential in the AI sector.
- Pessimistic Market Sentiment: Despite Cipher Mining and Hut 8's development pipelines being valued at zero, each signed lease and stable GPU pricing is narrowing the gap with market valuations, suggesting that demand for AI infrastructure remains viable.
See More
Bitcoin and Ethereum Hit Yearly Lows Amid Market Decline
- Bitcoin Price Plunge: Bitcoin fell to $59,900 on June 26, down over 30% year-to-date and below the critical support level of $60,000, indicating a persistent decline in investor confidence that could lead to further market sell-offs.
- Ethereum Struggles: Ethereum's price has dropped nearly 50% to $1,580, failing to break through the $2,000 resistance level, reflecting overall market pessimism towards cryptocurrencies, which may impact its future investment appeal.
- ETF Outflows Intensify: As of June 25, year-to-date net outflows from BTC ETFs reached $4.6 billion, marking the largest single-day outflow this month, suggesting a continued lack of investor confidence in the crypto market that could lead to liquidity issues.
- Ethereum Foundation Layoffs: The Ethereum Foundation announced a 20% workforce reduction, affecting 54 full-time employees, aimed at enhancing execution through reorganization, reflecting a reassessment of resource allocation amid market downturns.
See More
